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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for pten
TickerChirp
27 Dec 14 12:38:04
Prevalent Tweets Relevant to $PTEN (Patterson Uti Energy symbol PTEN) on 12/27/2014 http://t.co/Flvp9wDUa7
G. Thomas Lackey Jr
27 Dec 14 05:56:40
December 26, 2014 Relative Strength Scans http://t.co/P5aNLc67g7 $IWM $TLT $UUP $IDU $IHI $IYR $TASR $SAM $ALK $SKWS $LOW $EXK $PTEN $HAL
chartguy89
27 Dec 14 05:38:17
PTEN -0.18% Stock Charts $PTEN Patterson-UTI Energy Inc. (NASDAQ) Last Updated: 12/27/2014 07:38:28 PTEN Stock http://t.co/F4JTj1fz2v
Lucretia
26 Dec 14 14:01:09
$PTEN One Reason Patterson-UTI Energy (PTEN) Stock Is Tanking Today http://t.co/Uu4yMORnFf
Galacticamendum
26 Dec 14 08:31:54
$PTEN for that base breakout ... !? $PGNX $ISIS $RPTP $LITB $DSKY $CLNT
DailyStockPicks
26 Dec 14 08:18:13
$ECIG short squeeze due on FTD. 5x gain potential $PTEN $ENR $SWFT http://t.co/xi3978GuDs http://t.co/6LLPqPrIvS http://t.co/PHLBBT3hb5
ProTradersNews
26 Dec 14 07:06:05
$BBY $PTEN: Traders Should Watch: Best Buy Co., Inc. (NYSE:BBY), Ambev S.A. ... http://t.co/kdHExvuZfz http://t.co/oYsBm2jKV0
Livevol Community
26 Dec 14 05:00:10
IV30(TM) GAINER $CONN +17.52% $AVP +8.94% $LINE +8.34% $OAS +7.94% $PTEN +7.79% $GME +7.49% $JCP +6.22% http://t.co/gwzPxhFaBv
DailyStockPicks
25 Dec 14 21:01:15
$ECIG short squeeze due on FTD. 5x gain potential $BBRY $PTEN $NAVB http://t.co/FpfORFAs20 http://t.co/BtVfUk5p46 http://t.co/HzSBxg8h2O
Samuel Brown
25 Dec 14 15:01:10
$PTEN Patterson-UTI Energy Downgraded by Global Hunter Securities (NASDAQ:PTEN) http://t.co/K2W2CETcRF
ProTradersNews
25 Dec 14 02:33:06
$PTEN: Patterson-UTI Energy Downgraded by Global Hunter Securities ... http://t.co/0hRY8fw4N9 http://t.co/Pi4PIHPHQM
SwingTradeBot
24 Dec 14 17:05:16
Scan results - Hammer Candlestick today: $OUT $NBL $ARI $NMM $SDRL $MDCO $CVTI $PTEN $CQB $OMAM ... http://t.co/VVE4xI8wZv
Vaulty Boy
24 Dec 14 15:16:37
RT @katsu127: i think r/r is pretty good here $LNCO $LINE $BBEP $PTEN even if they fail there is clear stop area
Brandon Penrod
24 Dec 14 14:35:51
RT @katsu127: i think r/r is pretty good here $LNCO $LINE $BBEP $PTEN even if they fail there is clear stop area
Katsu
24 Dec 14 14:31:50
i think r/r is pretty good here $LNCO $LINE $BBEP $PTEN even if they fail there is clear stop area
Jeffrey Blake
24 Dec 14 14:31:19
$PTEN Patterson-UTI Energy Earns Buy Rating from Citigroup Inc. (NASDAQ:PTEN) http://t.co/GcX4KSY6mB
KeeneOnTheMarket.com
24 Dec 14 12:33:56
Continue to be #Short $ESV $WLL and $PTEN took more targets today
US_proptrader
24 Dec 14 08:55:33
$CRK $LC $LINE $LPI $NOG $PTEN $RDC $ROSE $UCO autocharts @ http://t.co/rTnYb8yj59
KeeneOnTheMarket.com
24 Dec 14 07:26:20
2. EXIT to Close and filled: I sold 40 of 200 $PTEN Feb 17 Puts for $2.20, Next Target $2.40, $6500 Profits today
SH
24 Dec 14 00:30:48
$PTEN Have seen strong money flow into the name past few days too, so wouldn't put much emphasis on those puts. Could be a hedge...
SH
24 Dec 14 00:29:08
$PTEN ER on 2/5. Feb '15 $17 puts active. Riding 20SMA as resistance http://t.co/2O4dStmMnj
DailyStockPicks
23 Dec 14 20:11:54
#microcap traders must read for 500% or more trading opportunity on ECIG $BBRY $PTEN $NAVB http://t.co/xi3978GuDs http://t.co/6LLPqPrIvS
MICHAEL FILLOON
23 Dec 14 15:03:45
Patterson-UTI downgraded by Global Hunter to accumulate. $19PT http://t.co/cGtdc8rmjI $PTEN #PTEN via @RatingsNetwork http://t.co/ucgCUgqgg3
WallStreetConsensus
23 Dec 14 12:12:17
Downgrades 12/23: $AVP, $KEG, $NBR, $PKD, $HP, $HAL, $BAS, $PTEN, $PES, $ACHN http://t.co/0Ph1n4zNYS
FlashRatingsHOT
23 Dec 14 10:19:45
$PTEN has 4 analyst ratings in the last 7 days and 75% are positive. Median target: $20.5 (23% upside). View here: https://t.co/aKhoRooj3y
Roger Komins
23 Dec 14 09:10:03
Shorting Patterson UTI $PTEN has worked against 50dma since Aug & against 20dma since Oct. $PTEN lost more than 1/2 it's value since August.
Livevol Community
23 Dec 14 09:00:07
HIGH PUT VOLU $VNDA 1486% $PLD 956% $PTEN 859% $EA 632% $OUTR 514% $RDN 505% $FRAN 504% $NSM 486% http://t.co/gwzPxhFaBv
John Turner
23 Dec 14 08:01:07
$PTEN Pre-Market Review on Energy Equipment and Services Equities -- Patterson-UTI ... http://t.co/lkOnWQiIX4
Executive Republic
23 Dec 14 07:26:41
RT @KeeneOnMarket: Trader just bought 1700 plus $PTEN Feb 17 Puts for $1.95, I am LONG these Puts aka SHORT $PTEN
KeeneOnTheMarket.com
23 Dec 14 07:04:45
Trader just bought 1700 plus $PTEN Feb 17 Puts for $1.95, I am LONG these Puts aka SHORT $PTEN
StockNewsWires
23 Dec 14 06:38:08
$PTEN $PDS: Pre-Market Review on Energy Equipment and Services Equities ... http://t.co/EWOv3rPpwG http://t.co/BlegcQC1ds
HotKeyTrading
23 Dec 14 05:00:06
Upgraded: $NE $WAG $CTAS $MINI $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR http://t.co/Vv2VEnpBuv #trader #investors #nyse
Media Sentiment
23 Dec 14 04:30:04
$PTEN received a new alert. Find out why at http://t.co/5lwmDm2SCs #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 45
Analyst Ratings
23 Dec 14 04:23:06
Patterson-UTI Energy downgraded by Global Hunter Securities to accumulate. http://t.co/rx3k3GGiVW $PTEN #PTEN
US Consumer News
23 Dec 14 04:21:01
Patterson-UTI Energy downgraded by Global Hunter Securities to accumulate. http://t.co/Xt5va6AKLZ $PTEN #PTEN
Stocks to Buy
23 Dec 14 04:12:27
Global Hunter downgrades several drilling/energy stocks - $PES $PKD $KEG $BAS $WFT $HAL $BHI $PTEN $HP $DO $NBR $HERO
12Stocks.com
23 Dec 14 03:03:19
Weekly MidCap #Stocks Performance $HTA $OAS $EPE $LPI $WLL $DNR $NBR $SM $CLR $UNT $SPN $KN $PTEN $NBL more@ http://t.co/gYYX3fEVde
HotKeyTrading
22 Dec 14 17:00:06
Upgraded: $CTAS $MINI $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR $PXD $RAD http://t.co/TRx9EnjwT5 #mkt #markets #trader
Irma Doucet
22 Dec 14 15:01:24
$PTEN Patterson-UTI Energy Stock Rating Reaffirmed by Citigroup Inc. (NASDAQ:PTEN) http://t.co/B252ZIqJUu
Ben Reynolds
22 Dec 14 12:05:23
Dividend Achievers Stock Analysis: Helmerich & Payne H&P $HP http://t.co/PvuHnkVQqY $PTEN $NBR #DividendAchievers
Ben Reynolds
22 Dec 14 11:08:00
Dividend Achievers Stock Analysis: Helmerich & Payne $HP $PTEN $NBR http://t.co/k5tyCCBHV4
TalkMarkets
22 Dec 14 11:08:00
Dividend Achievers Stock Analysis: Helmerich & Payne $HP $PTEN $NBR http://t.co/CaeRrtfnws
ProVesting
22 Dec 14 05:23:06
$RSPP $CVE $PTEN: Investors picking up energy stocks: RSP Permian Inc (NYSE:RSPP ... http://t.co/42172b5Neb http://t.co/HJ2jPJQwW9
HotKeyTrading
22 Dec 14 05:00:05
Upgraded: $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR $PXD $RAD $CROX $WPX http://t.co/TRx9EnjwT5 #trader #swingtrading #dow
12Stocks.com
22 Dec 14 03:03:25
Weekly MidCap #Stocks Performance $HTA $OAS $NBR $EPE $DNR $LPI $SM $SPN $WLL $PTEN $CLR $UNT $CIE $HP more@ http://t.co/gYYX3fEVde
HotKeyTrading
21 Dec 14 17:00:06
Upgraded: $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR $PXD $RAD $CROX $WPX http://t.co/Vv2VEnpBuv #nyse #analytics #finance
HotKeyTrading
21 Dec 14 05:00:06
Upgraded: $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR $PXD $RAD $CROX $WPX http://t.co/Vv2VEnpBuv #dow #analyst #investing
Jeff Gordez
20 Dec 14 22:31:50
RT @MarketCurrents: Report: Few big U.S. land drillers set to ride out oil downturn as winners http://t.co/ZmvTJuLAz6 $NBR $HP $PTEN
HotKeyTrading
20 Dec 14 17:00:06
Upgraded: $BDSI $GLW $TDW $ESV $CVS $RCAP $GOL $PAY $XOOM $PTEN $DNR $PXD $RAD $CROX $WPX http://t.co/TRx9EnjwT5 #analytics #swingtrading
SBR China
20 Dec 14 11:36:55
RT @illustrious34: Looking for the next winners like $TXN $G $PTEN $ISRG #financialnews http://t.co/E1W5LKkPLD
				
				
By  +Follow October 4, 2013 8:22AM
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